Norris & Stevens Brokers Sale of 44-Unit Springhaven Apartments in Oregon for $6.7M
WOODBURN, ORE. — Portland-based Norris & Stevens has arranged the sale of Springhaven Apartments, a duplex and townhome project in Woodburn. An investment group led by Portland-based Russell Hosner LLC acquired the asset for $6.7 million as part of a 1031 tax-deferred exchange. The sellers were The James A. Halter Revocable Living Trust and David L. & Gaylene M. Lund.
Located at 1108-1196 Park Circle and 1625-1667 Park Ave., the property consists of 19 buildings on 45 separate tax lots offering a total of 44 duplex and townhome rental units, all with attached garages. At the time of sale, the property was 95 percent occupied. The complex was completed in phases from 1983 to 1992.
David Chatfield of Norris & Stevens represented both parties in the transaction.